You truly have a once-in-a-lifetime opportunity if you live in the Tulsa Metro area, Oklahoma and are thinking about selling your house in 2022. When is the best time to sell anything? When there is strong demand for an item paired with a limited supply. This maximizes your leverage when you’re negotiating the sale. Home sellers nationally and here in Bixby Oklahoma 74008, Jenks Oklahoma 74037, Mounds Oklahoma 74047, Kiefer Oklahoma 74041, Sapulpa Oklahoma 74066, Glenpool Oklahoma 74033, and Tulsa Oklahoma area are in that exact situation right now. Here’s why.
Demand Is Extremely Strong
According to the latest Existing Home Sales Report from the National Association of Realtors (NAR), in 2021 there were 6.18 million homes sold. This was the largest number of home sales in 15 years. Lawrence Yun, Chief Economist for NAR, explains:
“Sales for the entire year finished strong, reaching the highest annual level since 2006. . . . With mortgage rates expected to rise in 2022, it’s likely that a portion of December buyers were intent on avoiding the inevitable rate increases.”
Demand is expected to stay strong again in 2022. The Mortgage Finance Forecast, published last week by the Mortgage Bankers’ Association (MBA), calls for existing-home sales to reach 6.4 million homes this year. That is more than was sold in 2021.
There Is Very Limited Supply
The same sales report from NAR also shows us the months’ supply of inventory just hit the lowest number of the century. It notes:
“Total housing inventory at the end of December amounted to 910,000 units, down 18% from November and down 14.2% from one year ago (1.06 million). Unsold inventory sits at a 1.8-month supply at the present sales pace, down from 2.1 months in November and from 1.9 months in December 2020.”
Inventory decreases every year in December; that is the reality. That’s just how the typical seasonal trend goes in real estate. What is different, as you can see in the graph, this December was lower than any other December going all the way back to 1999.
Right Now, As A Seller You Have Maximum Leverage
Again, when there’s strong demand for an item and a limited supply of it available, the seller has maximum leverage in the negotiation. In the case of Bixby homeowners who are thinking about selling, there may never be a better time than right now. While demand is this high and inventory is this low, you’ll have leverage in all aspects of the sale of your house.
- Competitive sales price
- Flexible closing date
- Potential for a leaseback to allow you more time to find a home
- Minimal offer contingencies
If you’re thinking of selling your Bixby house this year, now is truly the optimal time to list it. I invite you to reach out to me Sabrina Shaw, here at Homes by Sabrina brokered by eXp Realty, to discuss your specific situation. Let’s connect to discuss how you can put your house on the market today.